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STATISTICS MALTA

Malta: Government Finance Data January-May 2023

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Malta Government Finance Data January May 2023By the end of May 2023, the Government’s Consolidated Fund reported a deficit of €103.5 million.

Between January and May 2023, Recurrent Revenue amounted to €2,454.8 million, €325.4 million higher than the figure reported a year earlier. The largest increases were recorded under Income Tax (€179.5 million), Grants (€56.0 million), Social Security (€36.1 million) and Value Added Tax (€28.1 million). On the other hand, the main drops in revenue were reported under Central Bank of Malta (€22.2 million) and Dividends on Investment (€2.6 million).

Total expenditure by the end of May 2023 stood at €2,558.3 million, €55.3 million higher than the previous year.

During the reference period, Recurrent Expenditure totalled €2,252.8 million, an increase of €39.0 million compared to the €2,213.9 million reported at the end of May 2022. The main contributor to this increase was a €36.3 million rise reported under Operational and Maintenance Expenses. Furthermore, increases were also recorded under Contributions to Government entities (€33.8 million) and Personal Emoluments (€22.0 million). Higher contributions cover those made towards the Malta College of Arts, Science and Technology (€10.5 million), Malta Tourism Authority (€7.0 million), Resource Support and Services Ltd (€5.2 million) and Servizz.gov (€4.5 million). Conversely, Programmes and Initiatives fell by €53.1 million. The main developments in the Programmes and Initiatives category involved lower outlays towards Pandemic assistance schemes (€107.5 million), Economic stimulus payment (€48.2 million) and EU own resources (€42.1 million). The drop in outlay was partially offset by increases witnessed under Energy support measures (€66.1 million), Social security benefits (€40.9 million), Street lighting and other services (€9.8 million), Tal-linja card (€9.4 million), Temporary price stabilization schemes (€8.2 million) and Residential care in private homes (€7.5 million).

The interest component of the public debt servicing costs totalled €82.9 million, an increase of €12.8 million when compared to the previous year.

Between January and May 2023, Government’s capital spending amounted to €222.5 million, €3.5 million higher than 2022. This increase resulted from higher expenditure towards Property, plant and equipment (€10.2 million), National Identity Management Systems (€4.8 million), Digitalisation of health systems (€4.3 million), Film industry incentives (€3.0 million) and Upgrading of existing storm-water systems (€2.9 million). On the other hand, expenditure towards Road construction and improvements fell by €22.1 million.

The difference between total revenue and expenditure resulted in a deficit of €103.5 million being reported in the Government’s Consolidated Fund at the end of May 2023. Compared to the same period in 2022, there was a decrease in deficit of €270.1 million. This difference mirrors an increase in total Recurrent Revenue (€325.4 million), partly offset by a rise in total expenditure, which consists of Recurrent Expenditure (€39.0 million), Interest (€12.8 million) and Capital Expenditure (€3.5 million) (Table 1).

At the end of May 2023, Central Government debt stood at €9,083.6 million, an increase of €673.8 million when compared to 2022. The increase reported under Malta Government Stocks (€792.6 million) was the main contributor to the rise in debt. Higher debt was also reported under Euro coins issued in the name of the Treasury (€5.1 million). This increase in debt was partially offset by a decrease in the 62+ Malta Government Savings Bond (€100.0 million) and Treasury Bills (€14.1 million). Finally, higher holdings by government funds in Malta Government Stocks resulted in a decrease in debt of €9.7 million (Table 6).

 

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